064 
THE RURAL, NEW-YORKER 
May 25, 
PUBLISHER’S DESK 
**———■ ■ — - — ■ — ■ ■ . ■ ■-—■■■■■ . - 
For the information of creditors of 
the Lewis concerns at St. Louis we 
would say that on May 4 the U. S. 
Court directed the receiver to return 
to the creditors all papers deposited 
under the so-called reorganization agree¬ 
ment of April 11, 1911. So that all 
creditors who sent their papers to the 
reorganization scheme may have them 
returned to themselves or to their at¬ 
torney or representative by simply writ¬ 
ing the receiver, and directing him to 
return them. 
On May 8 there was a sale of the 
lots in Sections 1, 2, and 3, amounting to 
$365,000. 
This is the property against which a 
mortgage for $500,000 was recorded in 
trust by Lewis to the Trust Company, 
controlled by himself. The notes against 
this mortgage were sold to country peo¬ 
ple as gilt-edge first mortgage notes. 
In truth, however, the Metropolitan Life 
Insurance Co. hold a first mortgage 
against the property, which will absorb 
the greater part of the proceeds, and 
the country note holders will get what 
is left. There are also unsecured notes 
against this property. There is also in¬ 
volved in this account the sales of some 
lots previously made by the People’s 
Trust Co., another Lewis concern, and 
ior which no accounting has ever been 
made to the note holders. The apprais¬ 
ers appointed by the court for the pur¬ 
pose had appraised the property just pre¬ 
vious to the sale for about the price 
realized, showing that the lots sold 
for their real value as compared with 
other property in the neighborhood, and 
that the Lewis claims of its value were 
were mere fiction. The present apprais¬ 
als and sales also confirm our estimates 
made at the. time Lewis was trying to 
sell debentures to country people on in¬ 
flated assets and minimized liabilities. 
After we had exposed the scheme and 
shown that the concerns on which he 
was trying to borrow $3,500,000 from 
country people were all insolvent, he 
yet borrowed over $200,000 on the de¬ 
bentures, all of which were then and 
are now worthless. It was such a dis¬ 
gusting swindle we dislike to refer to 
it further, but many of our present 
readers and friends are concerned, and 
they probably have no other source of 
reliable information. Thank goodness, 
we are nearly done with the foul mess. 
Another stock selling magazine is 
under investigation by the grand jury in 
New York City. This is the Satire 
Magazine. It was organized some 
months ago by one Walter Pulitzer as 
the Pulitzer Pub. Co., and it is said $25,- 
000 of stock was sold to people who 
were made to believe they were dealing 
with one of the proprietors of the New 
York World, the name being the same 
-but with no* business connection or rela¬ 
tionship whatever. The papers report 
other records against the promoters of 
the scheme. For our purpose here it 
serves simply as one more warning 
against publishing schemes, which are 
among the most worthless and most con¬ 
temptible swindles perpetrated against 
a too confiding people. 
In October, 1910, I bought 100 shares of 
the American Telegraph and Typewriter 
<'o. stock, of 27 William street. New York, 
at $2 per share; paid $300. Now it seems 
to be down to 80 cents. Do you think it 
will amount to anything? 
Connecticut. a subscriber. 
When this stock was being sold, we 
looked it up, and advised our people to 
leave it alone. It was in the promotive 
stage and entirely speculative. No state¬ 
ment could be secured. We would not 
encourage much hope for its future. 
Last week several prominent men of 
Baltimore, Md., were arrested for al¬ 
leged fraudulent use of the mails in the 
sale of stock of the Potomac Refining 
Company. This company was capital¬ 
ized for $1,500,000; and when they be¬ 
gan to sell stock it is said they had no 
property whatever, but one of the book¬ 
lets was entitled, “Sixty Dollars a Min¬ 
ute.” Another told how to do business 
in millions, and still another promised 
equal allurements for the small investor. 
The names of prominent men and public 
officials were used freely as assurances 
of the worth of the stock. It was the 
old game. Possibly some the men ar¬ 
rested did not realize that the promoters 
were actually using their names in a 
fraudulent scheme; but they must have 
known that the stock was being sold, 
and that it was worthless. In other 
words they must have known of the 
moral wrong even if they thought the 
deception and fraud were within legal 
technicalities. This legalized robbery 
has been prevalent and usually success¬ 
ful. In most cases conviction for such 
robbery is practically impossible, and this 
has encouraged and emboldened the 
rogues who play the game. Since courts 
cannot reach them, individual vigilance 
and public opinion must discourage 
them and defeat them. 
It is now hoped that the real estate 
concerns which organize companies on 
the equities in real estate on top of 
first, second and third mortgages, and 
then sell bonds of the company to in¬ 
experienced investors will come under 
the supervision of the State Banking 
Department. An opinion of the Attor¬ 
ney General seems to hold that the pres¬ 
ent law provides for such supervision. 
If it does not, the law should be made 
to cover such concerns. 
In regard to my complaint against E. F. 
iMc.Vvoy of Cambridge, New York, I write 
to let you know that the birds came to my 
station to-day (May 91 by express in fair 
condition, but the birds are small and 1 
refused to accept them on the grounds that 
the season is too late for breeding, and the 
further fact that my order and remittance 
was sent Mr. McAvoy more than a year 
ago. c. x. f. 
So. Quappelle, Can. 
By reference to page 614, May 11, you 
will see that this farmer sent Mr. Mc¬ 
Avoy $60 more than a year ago for a 
pen of birds. He was unable to get 
either the birds 'or the money returned. 
We told the story, and now, after 
having the money for a year, he sends a 
few small birds in a vain excuse for 
filling the order. If any of our read¬ 
ers feel that this subscriber is not justi¬ 
fied in refusing to accept the birds or¬ 
dered and paid for in April, 1911, they 
are, of course, at liberty to give Mr. 
McAvoy an opportunity to treat them 
in a similar manner. Similar stories 
are coming in, and will follow; our 
people are entitled to the information, 
and they will get it. 
Will you please inform me as to the 
standing and responsibility of the First 
National Fire Insurance Co. of the United 
States, Washington, D. C. C. e. s. 
Pennsylvania. 
This company is entirely in the forma¬ 
tion stage. No one can tell what its 
future will be. It is therefore at the 
present time a pure speculation as to in¬ 
vestment. The prospectus carries the 
names of some prominent men, and 
some men in which we have confidence 
personally; but they are not actively en¬ 
gaged in the affairs of the company, and 
they may have reason yet to regret the 
use made of their names. All that we 
see to criticise yet is that the proposi¬ 
tion seems to be to organize a company, 
not with the money of those in control, 
but with the money of small investors 
widely distributed over the country. This 
form of organization lends itself readily 
to the absolute control of those in 
charge with little or no money of their 
own invested; and leaves the small in¬ 
vestor practically helpless. We do not 
assume to predict the future of this 
company, but it is organized on lines 
heretofore adopted by promotions which 
have in our experience, invariably turned 
out pure swindles. 
We have a letter from the secretary 
of the Chautauqua Institution stating 
that several of the Trustees called atten¬ 
tion to page 386 of The R. N.-Y. in 
answer to inquiry about bonds of the 
institution. It seemed to us from the 
report that there was already an issue 
of $800,000, and that it seemed to pro¬ 
pose an extra $100,000. The secretary 
says: 
Several of our trustees have called my 
attention to your issue of March 16. where 
on page 386 you answer an inquiry con¬ 
cerning the bonds of Chautauqua Institu¬ 
tion. . . . The bond issue at present 
is $200,000. The new issue is for $400,000 
of which $200,000 is put up in escrow with 
the trustee to take care of the old bonds: 
SI00.000 is to be sold to take up indebted¬ 
ness incurred for permanent improvements, 
new buildings, etc., and the other $100,000 
can be sold only when improvements and 
new purchases of an equal amount are 
made to the satisfaction of the trustee, the 
Bankers’ Trust Company of New York City. 
# Because of the nature of this institu¬ 
tion, there may be people who would 
take the bonds from sentimental rea¬ 
sons. That is a matter outside of busi¬ 
ness or finance. Our inquiries were from 
people who were looking for a safe 
investment that could he converted into 
cash if needed. This statement from the 
secretary indicates that the total bonded 
indebtedness is considerable less than 
we figured from the company’s literature, 
and the net assets would consequently 
be considerably greater. It must be re¬ 
membered, however, that this is a spe¬ 
cial institution. Its buildings and im¬ 
provements are not intended for business 
purposes. Experienced financiers do not 
take kindly to investments of the kind. 
If they loaned at all, it would be on 
the basis of the actual value of the land 
without much consideration of its build¬ 
ings or present uses. If anyone wants 
to invest in the bonds because of sym¬ 
pathy with the work, or encouragement 
of it. that is one thing; but those who 
look solely for a carefully selected in¬ 
vestment are entitled to the informa¬ 
tion revealed in an analysis of the prop¬ 
osition. 
The secretary further says: 
You may recall that in answer to a letter 
with respect to our relations with the 
Americap Woman's League of the People's 
University of St. Louis, we explained to 
you under date of December 21, 1910, that 
our arrangement was only for the selling 
of our Home Reading Courses to their 
members. This arrangement expired by 
limitation December 25, 1911. 
All that we care to say now on that 
score is that if the management made 
the limited alliance with the Lewis 
scheme, knowing its character, then the 
management fell far short of the tra¬ 
ditions of the institution it represents 
and of its obligations to the public. If 
the management make such alliances 
without knowing the standing or char¬ 
acter of the concerns with which they 
are dealing, then no matter how eminent 
or dignified the gentlemen may be they 
do not qualify themselves as custodians 
of other people’s money. 
You will find enclosed a bill against the 
Southern Railway Company for $132.12, 
Which is for a shipment of peach trees 
sent by us to the Pennsylvania Nursery 
Co., Girard, I’a., on April 5, 1911, and 
which were refused by the consignee on 
account of delay in transit until April 28. 
We have endeavored to get settlement from 
them by reasonable and peaceable methods, 
hut we do not seem to be able to effect 
anything. Their last plea is that the ship¬ 
ment was held up for the fumigation cer¬ 
tificate. When the shipment left here the 
tags were on it and if they were off when 
the shipment arrived at Butler they were 
destroyed in transit, and it would not re¬ 
quire more than 24 hours to get a cer¬ 
tificate of fumigation, which wc furnished 
immediately upon request. We will be glad 
to have your help. V. N. C. 
Virginia. 
Claim came to us October, 1911, 
after the nursery compare had ex¬ 
hausted every effort to get an adjust¬ 
ment. In February, Southern Railway 
people advised their agent had instruct¬ 
ions to settle. The nursery company 
reported that the agent had offered 
them $36, which they refused. A previ¬ 
ous offer of 60 cents had been made 
which was, of course, refused. We 
wrote the Southern Railway that their 
offer was refused and we must insist 
on the full value of the shipment. On 
March 12 the subscriber received 
voucher for the full amount, $132.12. 
To the subscriber’s subsequent request 
for bill, we can only repeat that we 
make no charge for a service of this 
kind. ' J. J. d. 
When you write advertisers mention The 
R. N.-Y. and you'll get a quick reply and a 
“square deal.” See guarantee editorial page. 
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Devine,Tex., Dec. 16,1911. 
I amsendingyou a photo¬ 
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Send for catalogue giving full information 
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Agricultural Department L 
University Block, Syracuse, N. Y. 
